ASML has reported robust first-quarter results and significantly upgraded its full-year outlook, as artificial intelligence continues to fuel unprecedented demand across the semiconductor industry.
The Veldhoven-based company posted total net sales of €8.8 billion for the first quarter of 2026, with a gross margin of 53.0% and net income of €2.8 billion. The gross margin figure came in at the top end of the company’s own guidance range – a strong signal of operational discipline amid a rapidly shifting market.
ASML’s operating margin reached 36.0%, while net income represented 31.4% of total net sales, translating to earnings per share of €7.15.
The headline news, however, was a meaningful upgrade to ASML’s full-year guidance. The company raised its 2026 revenue outlook to between €36 billion and €40 billion, driven by sustained AI infrastructure spending that is creating supply constraints and pushing customers to expand capacity and capital expenditure. The revised guidance marks a step up from the company’s previous full-year forecast range of €34 billion to €39 billion.
CEO Christophe Fouquet pointed to an accelerating cycle of chip investment as the key driver: “The semiconductor industry’s growth outlook continues to solidify, driven by ongoing AI-related infrastructure investments. Demand for chips is outpacing supply. In response, our customers are accelerating their capacity expansion plans for 2026 and beyond, supported by long-term agreements with their customers.”
Fouquet said both memory and logic customers are increasing capital expenditure and attempting to accelerate capacity ramps in 2026 and beyond, with demand supported by long-term commitments from their end clients. He added that ASML’s order intake remains very strong as a result, with the company working closely alongside customers to meet demand through a combination of new system deliveries and performance upgrades to existing installed equipment.
For the second quarter, ASML expects total net sales of between €8.4 billion and €9.0 billion, with a gross margin of between 51% and 52%, alongside R&D costs of around €1.2 billion and SG&A costs of around €0.3 billion.
Export controls remain a lingering uncertainty. Fouquet acknowledged that ongoing geopolitical discussions around trade restrictions could affect outcomes but said the company’s guidance range has been constructed to absorb those variables. Management expressed confidence in navigating export control uncertainties while continuing to meet customer demand.
Looking further ahead, the picture remains compelling. Based on different market and lithography intensity scenarios presented at its November 2024 Investor Day, ASML sees an opportunity to achieve annual revenue of between approximately €44 billion and €60 billion by 2030, with gross margins of between 56% and 60%.
